ONSHORE GIPPSLAND BASIN Permits

EXPLORATION ACTIVITIES in GIPPSLAND BASIN

PRL2, Gippsland Basin (Lakes Oil: Operator, varying interest across permit - subject to reserved rights)
PRL3, Gippsland Basin ( Lakes Oil operator, 100% interest)
PEP166, Gippsland Basin (Lakes Oil: Operator; 75% interest)

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While there has been no new exploration activity within Victoria during the Government suspension on onshore exploration, Lakes Oil has a number of highly prospective drilling opportunities ready to progress when the onshore exploration ban is lifted.
In particular the Wombat-5 well, a conventional directional well within PRL2, is proposed with a view to commercialising the Wombat Gasfield;

Near-shore Victoria (Gippsland Basin)
VIC/P43(V) and VIC/P44(V) (Lakes Oil: Operator, 100% interest)

The primary reservoir target within these near-shore permits is the top of the Strzelecki Formation.
Both permits areas are also considered to have potential for production of oil and gas from traps in the top-Latrobe and intra-Latrobe Formations. Oil and gas may have migrated to these traps from large fields further offshore. The Golden Beach gas field, located immediately east of VIC/P43(V) is an example of the type of opportunity that Lakes Oil plans to investigate.
Detailed airborne gravity data and seismic mapping carried out over VIC/P43(V) indicates that offshore structuring is continuous with that of the Wombat field, onshore in PRL2.

Within VIC/P44(V), seismic mapping of the top of the Strzelecki Formation indicates that the Darriman structure extends from onshore into the permit, confirming potential for exploration targets within the acreage.

The company is awaiting approval for suspension of commitments and extension of the term of the near-shore permits.
Top Latrobe structure map of the Gippsland Basin shows that E-W onshore trends extend offshore into Lakes Oil’s permits, indicating potential for structural plays.